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NJ A5970
Bill
Status
11/13/2025
Primary Sponsor
Michael Inganamort
Click for details
AI Summary
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Distributions from traditional IRAs made directly to qualified charitable organizations would be excluded from New Jersey gross income tax
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Distributions from Roth IRAs to qualified charitable organizations would be added as a new category of qualified distributions exempt from state income tax
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Qualified charitable organizations are defined as entities with tax-exempt status under section 501(c)(3) of the federal Internal Revenue Code, including charitable, religious, scientific, literary, and educational organizations
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The bill amends N.J.S.54A:5-1 and P.L.1998, c.57 to implement these changes to the state's gross income tax law
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Takes effect immediately and applies to taxable years beginning on or after January 1 of the year following enactment
Legislative Description
Provides gross income tax exclusion for distributions from individual retirement accounts to qualified charitable organizations.
Financial Institutions and Insurance
Last Action
Introduced, Referred to Assembly Financial Institutions and Insurance Committee
11/13/2025